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Did you know that Bank Identification Numbers (BINs) are changing?
The payments business is growing at a rapid pace, in part due to innovation. This growth has put pressure on the industry to ensure ecosystem availability of issuing BINs. BINs comprise the first six to eight digits of the primary account number (PAN) and facilitate financial institution identification to stakeholders within the payment ecosystem. BINs are foundational to the payments business and are governed by the International Organization for Standardization (ISO).
To address the need to replenish supply, ISO has expanded the length of the issuing BIN from six to eight digits to address a diminishing supply. JCB and Visa support this industry change and have set their own approach to comply with the new industry standard with April 2022 as the final effective date.

Service providers utilizing six-digit BINs for their service model may be impacted, and will need to determine how the BIN expansion will affect their proprietary processing and back-end systems. JCB and Visa would like to increase awareness of eight-digit BIN expansion and make sure service providers are ready to continue providing service without any disruption. Service providers who fail to make the necessary changes could experience issues that can adversely affect their clients and risk transaction routing errors, failures with incoming data feeds or APIs, or issues with fraud monitoring or cardholder servicing.
 
Visa encourages you to visit the Numerics Initiative on Visa.com to learn more about potential impacts of the eight-digit BIN and what Service Providers should be doing now to prepare.

If you have questions on how the eight-digit BIN changes may affect your business, JCB and Visa encourage you to reach out to your partner, vendor or client who maintains a scheme relationship to discuss the impacts today. If you have questions for JCB or Visa specific to their approach to the new eight-digit BIN standard, you can e-mail either scheme at the following email IDs:
jcb_iin@info.jcb.co.jp
ServiceProviderNumericsSupport@visa.com.
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